The Bank of Industry (BOI) and the Agence Française de Développement (AFD) have signed a $30m credit facility to support Nigeria’s creative and cultural industries, with a focus on businesses seeking affordable financing.
Follow us on Google News
The agreement was signed in Abuja by BOI Managing Director, Dr Olasupo Olusi, and AFD Group Chief Executive Officer, Christophe Lecourtier.
Olusi described the deal as a milestone in the longstanding partnership, expanding collaboration into a critical growth sector.
He said the creative industry, including music, film, fashion, design and gaming, offers opportunities for job creation, youth inclusion and economic diversification.
“The creative sector represents one of the biggest growth opportunities for the Nigerian economy, as it has the biggest capacity to absorb young people and create jobs,” Olusi said.
The BOI managing director said the facility aligned with President Bola Tinubu’s Renewed Hope Agenda and the Federal Government’s ambition to grow Nigeria’s economy to $1tn.
He said affordable finance remained a major constraint for creative businesses and that the facility would help address the funding gap.
Olusi said priority would go to women-led and youth-led businesses and segments often excluded from financing.
He assured AFD that BOI would use the facility prudently to support credible enterprises with growth potential.
Speaking at the ceremony, Lecourtier said BOI remained AFD’s leading development banking partner in Nigeria and its largest partner in terms of non-sovereign loans.
Lecourtier said cultural and creative industries were important to France and described Nigeria as a leading creative force in Africa.
He said an increasing number of French people were listening to Nigerian music and watching Nigerian films, adding that the partnership would support a growing sector.
He said more French people were listening to Nigerian music and watching Nigerian films, adding that the partnership would support a growing sector in Nigeria.
Creative businesses seeking to expand, invest in equipment, develop productions or reach new markets may be interested in the facility. However, the announcement did not specify loan amounts, application dates, interest rates or detailed eligibility conditions.
The facility is a credit line between BOI and AFD, not a grant announced for direct distribution to individuals. Businesses should await BOI’s official guidance on its terms and application process.
How to apply
No application portal, deadline or detailed procedure was announced. Creative businesses should monitor BOI’s official website and channels for eligibility, loan conditions, required documents and application dates. Confirm all terms directly with BOI before applying or paying fees.
